Future Fund, Australia’s independently managed sovereign wealth fund, has co-led a $234-million growth equity funding round in American onsite radiology practice Radiology Partners (RP), the US-based firm said.
The proceeds from the latest funding round, which was co-led by New Enterprises Associates (NEA), will be used by RP to support continued growth by scaling operations, investing in evidence-based clinical programs, and expanding in both existing and new markets.
Both Future Fund and NEA are existing investors of Radiology Partners.
In a statement, RP said the latest financing followed the previously announced $200-million round raised in May 2017. In both investment rounds, a significant number of the company’s leadership and physicians increased their investment by participating alongside the institutional investors, the company said.
RP, established in 2012, serves approximately 500 hospitals and other healthcare facilities across the US.
“Our partners’ financial support and alignment with our physicians are critical ingredients that position us to have an increasingly important impact on our field,” said Rich Whitney, RP’s Chairman and CEO.
Future Fund was established in 2006 to strengthen the Australian government’s long-term financial position. It manages five funds worth $163.9 billion on behalf of the government.